At this writing, there are many confusing signals in the British press as to the character and timing of the government's intentions toward joining the European currency. Government policy doesn't always appear completely consistent. One newspaper headline is soon contradicted by another, stating the opposite view.

The following comment by William Rees-Mogg should give the Blair administration pause for thought: "It is the choice between self-government and European government. In the case of the euro, the choice is between United Kingdom interest rates being set by the Bank of England in the light of British economic needs, or by the European Central Bank in the light of general European circumstances. In the past three years Britain has outperformed Germany because we control our own rates and they do not" (The Times).—WNP